Bitmain to go bankrupt before the year’s end?

One of the leading names in hardware mining, Bitmain, have fallen under controversy recently, and now speculation has begun as to whether they will go bankrupt

Rumours are beginning to circulate about the possibility of Bitmain going bankrupt before the year is out, at least according to BTCKing 555, who brought light to the possibility back in November.

If you haven’t heard of Bitmain, they are a well-known crypto company with a lot of hardware mining products on the market, including the popular Antminer S9i. Though despite this reputation, they have found themselves in the news more than once.

Today, BTCKing 555 posted on Twitter stating: “Breaking: Bitmain has all but run out of the funds raised in summer! It has net liquidated 400k BCH and is now down to 750k BCH. All the BCH coming in from sales are being sold!”

In a subsequent tweet posted afterwards, the user also stated: “The company’s crypto holdings filed at $800 million in the prospectus are now less than $80 million, with predominated weight in BCH.”

This speculation shouldn’t come as too much of a surprise if you’ve been keeping up to date with the latest crypto and blockchain news. Recently, Bitmain’s co-founder, Jihan Wu, found himself at the centre of controversy following the revelation of his involvement in the Bitcoin Cash fork.

Furthermore, Bitmain were recently set to launch an IPO based in Hong Kong; however, that itself was surrounded in its own controversy following an ongoing $5 million lawsuit involving Bitmain related to unauthorised mining.

Of course, speculation is speculation, and nothing more until it proves true or false. The rumour that Bitmain might go bankrupt may not come to fruition. However, controversy seems to be following Bitmain wherever they go lately. This naturally brings about more questions than it does answers; what will become of the hardware mining behemoth?

For more information and guides from Coin Rivet, click here.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

New White House chief of staff supports blockchain technology

Next Article

Darren and Ross discuss the crypto market and bid farewell to Timothy C May

Read More Related articles